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advising, we can replace the sequester with a smarter strategy that is a more gradual deficit reduction plan. he's going disagree with the republicans on how to do that. he's going to want revenue to be part of it. republicans will say no thank you. >> we'll get the president if a minute and a half. white house gave us a two-minute warning. i would say it's a short-term for the president and the congress not doing what they're supposed to do pass a budget every year. the president set up the sequester, a fiscal negotiations -- >> this is not a natural disaster. >> it's not a natural disaster. >> man-made. >> many ways the president's late submitting his own budget but coming to the podium because though he's part of the mess he thinks he has the upper hand. >> right. i'm having a world is upside down moment. when you talk to house republicans they say to you, you know what? this may be the best budget cuts we can get. let the sequester take effect, even if it cuts the military, the secretary and defense, leon panetta saying that would be shameful. but you have a lot of house republicans
tax revenues in order to help the deficit. we'll have a conversation with represent dave camp coming up later in the program. stay with us. m charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime. tdd#: 1-800-345-2550 until i choose to focus on something else. tdd#: 1-800-345-2550 all this with no trade minimums. tdd#: 1-800-345-2550 and only $8.95 a trade. tdd#: 1-800-345-2550 open an account with a $50,000 deposit, tdd#: 1-800-345-2550 and get 6 months commission-free trades. tdd#: 1-800-345-2550 call 1-866-294-5411. more "likes." more tweets. so, beginning today, my son brock and his whole team will be our new senior social media strategists. any questions? since we make radiator valves wouldn't it be better if we just let fedex help us to expand to new markets? hmm gotta admit that's better than a few "likes." i don't have the door code. who's that
are in for a massive and unsustainable increasing deficit if we don't get a handle on entitlements. good morning. glad to have you with us. gregg: the cbo is saying it deficit will go down to $840 billion. that's the first time it will drop a trillion dollars under president obama. martha: but with baby boomers retiring at the rate of 10,000 people a day. entitlement spending is set to explode. stuart, as we pointed out, there is a lot of enthusiasm that we won't rack up a trillion dollar deficit. >> reporter: the headline was all about the deficit is going to be below a trillion dollars. that's great news. the bad news and there is a lot of it. the next 10 years medicare will cost $1 trillion a year. obama-care subsidies will total nearly a trillion dollars. the cost of medicaid will double and the debt will go to the highest portion of tour economy than it's been in a generation. there is dismal views on the current state of the economy. 1.4% growth this year and the unemployment rate will rise at 8% and stay that way for years to come. martha: the cbo makes very clear we need to do some entitlement
that we need higher fuel tax, and we can use that either to reduce the deficit or to pay for something else. it was designed -- or intended -- whether it has done so successfully or not, it was done to pay for infrastructure. >> absolutely. we are not real happy about that. >> john, what are you hoping for next week? >> for some reason, i have not been consulted on that. the president in the campaign said he was 4 and all of the above energy policy, so let's have some announcements that support that -- he was for an " all of the above" energy policy. let's move forward with the things that you need to do to accomplish that policy. i would say that we would also -- i would like to see stop this discussion about taxing the industry and trying to characterize it as subsidies, which is simply not true, and i would like to see more opportunities in terms of where we can open up areas that are off-limits right now. all those combined can generate an enormous amount of opportunity for the economy right when we need it. >> i will just mention a couple of things. i think lenders have been reall
really needed was deficit reduction. and this is a period in which we didn't come to a big deficit reduction deal. what we did is raise taxes. it cut the deficit a bit, but not a big deal. what happened to the markets? somehow we kept adding jobs and the stock market did really well. it all worked out reasonably okay. so here is what we learned. cutting government spending hurts economic growth. no doubt about it. that means doing it in a bad economy may not be such a good idea. but increasing taxes a bit, not coming to the big deficit deal. the private sector and even the markets don't seem all that concerned. the last week should cause a lot of people in washington to re-think what they're doing. i am not optimistic that will happen. joining me now, former economic adviser to vice president joe biden, jared bernstein, a man who is always re-thinking what he is doing, how are you? >> i'm fine, ezra. >> and what else did you see in the reports? you got a good eye, what caught yours? >> one thing i saw was the revisions to last year's employment growth was such that i thought we wer
proposals for deficit reduction. the president told super bowl fans reducing the deficit will require more taxes. >> can we combine some smart spending cuts because there's still some waste in government, can we reform our health care programs in particular and can we close loopholes and productions that folks who are well connected and have a lot of accountants can take advantage of. there's no doubt we need additional revenue coupled with smart spending reductions in order to bring down our deficit. >> president also warned congress about the danger of alowing the sequester to go into effect. >> washington cannot continually operate under a cloud of crisis. that freezes up consumers, gets businesses worried. we can't afford the self-inflicted wounds. >> no another tweet david plouffe said message delivered to big audience on balanced budget, deficit reduction, economy growth. on abc, an unlikely name was invoked for direction. >> i think what we need to do is do some things mitt romney taungd abo talked about. he said there are tax loopholes that should be closed. there are efforts being
baseline to 25% of gtp. this the in the new normal no interest in bringing down the deficit or the debt. >> we just did this whole fiscal cliff thing at the end of the year. we thought hey had a deal where we're going to raise revenues this way and cut spending this way, blah blah blah. listen to what president barack obama said just this past sunday. >> there's no doubt we need additional revenue. coupled with smart spending reductions, in order to bring down our deficit. >> was he crossing his fingers behind his back when he negotiated the fiscal cliff deal? sounds like he is going after more revenue. >> he'll never stop trying to raise taxes. whether or not he can succeed i don't know. he comes out of a far left ideology that believes in class warfare and radical wealth restriction and to feed that you need tax revenue coming from the so-called 1% on whom he raised tax throw it the fiscal cliff deal. he knows the real now is with the mitting class so he is coming for you. so -- >> wait, wait. right there want you to listen to this. this is also what he said. >> can we close some loop
the budget deficit will drop below $1 trillion for the first time during obama's presidency. the congressional budget office which assumes that federal spending cuts will go into effect march 1st says the government will run a deficit of $845 billion this year compared to last year's $1.1 trillion shortfall. but the cbo's ten-year outlook predicts those improvements will not last. it warns that an aging population will drive up entitlement spending and rising interest rates will put the debt at unsustainable levels. if current laws remain in place, debt by 2023 only ten years from now will equal 77% of gdp. that's roughly double the 39% average seen over the past 40 years. >>> and president obama is asking lawmakers to take quick action as a march 1st deadline approaches that will trigger deep spending cuts. "the new york times" writes this morning that "mr. obama, who missed a deadline this week to submit his annual budget to congress, acknowledged on tuesday that a broader deficit agreement is unlikely to be reached by the march deadline. he provided no details about the t
await final action on deficit reductions. well, the best way to reduce deficits is through economic growth. [ applause ] get ready for a lot more of that new-plane smell. we're building the youngest, most modern fleet among the largest us airlines to ensure that you are more comfortable and connected than ever. we are becoming a new american. barrow island has got rare kangaroos. ♪ chevron has been developing energy here for decades. we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ >>> welcome back to "the kudlow report." in this half hour, mahmoud ahmadinejad says iran is now a nuclear country. does that mean the rogue regime already has nuclear weapons? we'll get an answer later on. on what would have been president reagan's 102nd birthday, we will honor reagan with a look at many of his messages that resonate today. we have more of his best comments for you and we have reagan biographer cr
. republicans are winning the battle, wouldn't you say, when it comes to balancing? over two-thirds of deficit reduction has come from cuts to domestic programs, and it's not exactly fair. but now the house progressive caucus has come out with what they call the balancing act. it's a common-sense plan to reduce the deficit by closing tax loopholes and cutting wasteful defense spending. here is the chart of the plan. there is $1.7 trillion in new revenue. the $1.7 trillion in spending cuts is still there. this looks like a much fairer chart than the current system, don't you think? and it's estimated to reduce the deficit by $3.3 trillion. remember, we're trying to hit $4 trillion. so we're getting closer. the plan ends tax loopholes for yachts and for jets. it reduces the corporate meal and entertainment deduction to 25%. you can't write off the whole dinner anymore. it ends fossil fuel subsidies for oil companies that are raking in massive profits. exxonmobil, you know what their profit was? $44 billion in 2012. the last thing they need right now is your tax dollars as subsidy. the balancing
that john boehner said about how we have handled deficits over the years. let's listen to this. >> at some point, washington has to deal with its spending problem. now, i've watched them kick this can down the road 22 years that i've been here. i've had enough of it. it's time to act. >> that is -- i'm trying to think of a word other than lie. kick the can down the road? we had a big tax increase in 1993 with president clinton along with big spending cuts. >> right. >> it was a deficit reduction package that worked. they continued to do more deficit reducing package with newt gingrich on the spending side throughout the decade and we're on our way to a surplus. >> that's right. i've been calling it the undecade, the 1990s has been written out of their record. they would have you believe that it was always the way it was under reagan and then bush. >> why don't they just say, leave off the clinton tax increase, which helped a lot, and just claim they did it for spending cuts? >> because if they do, if they admit that something nice happened in the '90s, they have to say, what happened after
that will really reduce the deficit. more taxpayers is going to result in the lower deficit than already this year. if we look at the last year we've seen the deficit go down because you've seen a little bit of success in the job market. not enough, but you have seen us reducing that deficit. that's really what the balancing act is all about. i would think that any fair-minded member of congress would want to see us balance and not just ask to solve the deficit crisis by forcing it all on the shoulders of people who defend upon important government programs. >> john: it seems inspiring that you're trying to sneak sanity into the budget debate. i commend you for it. you were there when the president laid out his gun control proposals. >> yes. >> are these campaign-style events the best way for him to drum up support for this issue? >> yes, and the reason why i think so, the american public supports common-sense gun-violence prevention. we support universal background checks closing the gun show loopholes. we support banning high-capacity clips and the american public understands this very clearly.
for a short-term deal to avoid these budget cuts. congress must find $85 billion in deficit reduction somewhere by march 1st. otherwise, pentagon spending would shrink by 7.9%. domestic spending by 5.3% and medicare would take a 2% reduction. the president prefers an option that raises more money by closing tax loopholes. republicans want to stick with spending cuts only. a study by george mason university estimated that 448,000 jobs in d.c., maryland and virginia could be affected by automatic indiscriminate budget cuts. business leaders and local congressmen are concerned about the impact on our economy. >> and sequestration will hurt not only the defense side but the non-defense side. my committee funds the f.b.i. there will probably be furloughs at the f.b.i. there will be furloughs potentially at the national cancer institute, at nih. this thing has ramifications for defense and non-defense. >> reporter: the cuts were originally scheduled to kick in january 1st because congress couldn't grow on a broad package to reduce the deficit several times in 2011 and 2012 in excomping for
the deficit and avoid spending cuts. we're learning the budget deficit will top $845 billion this fiscal year even with massive tax hikes and assuming the spending cuts do kick in. congressman tom price pushing the president to balance the budget and says this new report is proof we can't do that by hiking taxes. what about that? we're still going to be deep into the red. >> good to be with you. the president has put forward for different budgets, none of which have ever come to balance. the house republicans have acted responsibly, our budget is yet to balance, so what we will do is put together a budget that balances in a ten-year time. all it does tomorrow it says to the president tell us when you'ryourbudget balances. it is important to do that because we have our principled solutions with the program. liz: used a dozen state when the budget would be balanced, is that it? >> we have had to end dollars deficit of the past four years in the past for budgets by this president have never come into balance ever in the 75 year time frame we talk about budgets. the american people need to know t
. >> they need to make cost-cutting measures. i mean, they've been running in the deficit for quite a while. >> you know, those folks look like just hard-working knowledgeable americans that care about the country. but they're so wrong. it's not about e-mails and it's not about ecommerce. it's about the republican party destroying the middle class in this country. and i wonder how many of those folks right there who don't rely on the post office, how they're going to feel when their netflix deliveries are delayed. what? they're not here for saturday night family movies? that's right. people definitely take the post office for granted. most everything americans know about the post office is absolutely wrong. they haven't paid attention to the story. and into the mainstream media, here we go. this morning, the "washington post" is telling people that the post office suffered tens of billions of dollars in losses in recent years with the advent of the internet and ecommerce. really? plenty of other media outlets. well, they are taking their information directly from the republican talking poin
and revenue growth? clarification from washington. a grand bargain encompassing a deficit reduction for ten years like tax reform and titlement reform. discretionary titlement reform. and debt extension for maybe two years. first, the recession needs it stabilize there. but a clear road to fiscal, banking reforms and indication that europe is serious about improving competitiveness. third, resumption of growth in emerging economies led by china. finally, the fed successfully engineering a modest increase in interest rates without unleashing run away inflation. i know, tall orders. >> this is a tall order, bob. >> but this would create a huge boost of business confidence. capital expenditures and hiring would increase and revenues would rise. finally, sue, on a day when the dow passed 14,000, it is forth while noting that the last time the dow passed 14,000, valuations were much higher with the ratio for the s&p at that time was 22. about 14 right now. what does that mean? well, historic average for the s&p 500 is 15, it means the market was way overvalued, sue, in 2007. today it is somewhat
apiece saying how the trust deficit is hurting the economy. what are you trying to say about that? guest: we usually do not talk about trust deficits. talk about trade, budget deficits, things we can measure. i'm talking about a breakdown of trust in american society, in particular in the institutions that make our economy go. when you look at measures of trust from surveys like a gallup or the pugh institute -- the pew institute, or even newspapers, congress, large corporations, banks, public schools, they have all been going down for many years. for a lot of them, this decline in trust was intensified leading up to and going into the financial crisis. there are a lot of reasons for these things we can talk about. what we were trying to get at in the story that -- is that this matters to the economy, and trust breaks down. there was nobel prize-winning economist who 40 years ago said that every commercial transaction has within it an element of trust. when you trust your counter party, you're more likely to engage in a transaction. when trust begins to fray, and people become suspicious
the deficit instead but it didn't happen. house republicans poind out they passed a bill to replace the sequester with cuts to federal worker pay, food stamps and other programs. democrats say that puts the burden on poor and middle class americans to pay for debt reduction. >> remember the american people still believe by an overwhelming margin that the rich should contribute to this. >> reporter: republicans argue democrats have no plan for replacing the sequester beyond eliminating tax breaks for corporate jet owners and oil companies. >> these aren't real solutions, mr. president. they're poll tested gimmicks. >> reporter: the cuts were originally supposed to kick in last month, but a last-minute deal pushed them off for two months. the president is meeting at this hour with labor leaders later this afternoon with business leaders and the subject, norah and charlie, is sure to come up. >> nancy cordes thanks. >>> meantime house majority leader eric cantor will be outlining a new agenda for his party today calling for change. he wants republicans to focus
. the report shows the city will accumulate $745 million in budget deficits over the next 10 years. the projected budget shortfall is $2 billion. the mayor said when you have budget after budget and you know there are problems, we have an obligation to do more than we have done in the past before it is too late. >> police trying to figure out what happened that led to a triple stabbing on tuesday. sarah sampson is live with the latest on the investigation. >> it happened at the intersection of howard and fayette street. it is not clear if the people involved attended the parade. a fight broke out at 1:30 afternoon. one man was stabbed to death, two others were wounded. >> downtown baltimore is one of the safest parts of the city. we work hard at it. we make sure people feel safe. we are going to find out who did this on a day that baltimore was going to celebrate. >> one victim was in critical condition as of last night. police say they have been planning for this parade for the past two weeks. there were a number of plainclothes officers on duty yesterday. sarah sampson, wbal-tv 1
the deficit instead of worried about wall street. this consumer financial bureau, the protection bureau, set up under elizabeth warpen, this focus on regulating banks the reality that we had been raided by wall street, that all of that got turned around so that instead, it somehow became a govpt deficit problem when it was never that. >> and it was that deregulation that caused us to have a problem. and dana, if we go back, because a lot of people forget where we came from and how we were able to overcome some insurmountable odds to get where we are today even though we have a long way to go. if you go back to when president obama came into aufsz office, 2009, on the eve of february 2009 jobs report, which turned out to be the worst in 34 years, the president called for action on the stimulus package. let me show you what the president said. >> the time for talk is over. the time for action is now. because we know that if we do not act, a bad situation will become dramatically worse. and i refuse to let that happen. we can't delay and we can't go back to the same, worn out ideas that let d u
budget $850 billion will be the deficit and we looked at the charts. people will argue, probably the man here, that it's going to be down in the long term because of increased revenues, economic growth, sequester, higher taxes. but kimberly, if you look to 2013, it shoots back up. how can the president hold a press conference when he talks about cuts using the word smaller. >> there's so much shrinkage. the problem is the middle class is the working poor. that's what's the norm. people are so used to it now they don't realize it should be fixed. we could focus on cutting back on spending, thinking about how to stimulate jobs and the economy. we're so used to the stagnation, it's become acceptable and people aren't critical enough to say there's a better way to do this and a smarter financial way to make sense. >> is this the new normal? before we get to that, the white house scrambled after the cbo announcement to cobble the press conference together. what did you think? >> one of the things, if ear going to call press conferences, he has to take questions. if he goes to the white house
take effect if there is no long-term agreement to reduce the deficit. those cuts would take a bite out of military spending and domestic programs, including a 2% hit to medicare. danielle nottingham, cbs news, the white house. >>> they are coming to california because this is where it is. he is not going to lubbock or wherever the places are that make up that state. >> those other places. [ laughter ] >> governor brown takes aim at texas. why he is going toe to toe with the lone star state. >> it's cleanout time. the 49ers report one more time to empty their lockers. coach harbaugh's final thoughts on the season. >> good evening to you, meteorologist paul deanno. we could use some rain around here. we really need snow in the mountains. the snowpack is dropping. we are now down to 83%. there is no rain coming from those clouds right there. but there is some rain in the extended forecast. find out when it will arrive coming up. >> and potent mixer. the reason diet soda and alcohol make for a more dangerous concoction. k-p-i-x 5's len ramirez t
's no doubt additional revenue is needed to bring down the deficit but believes it can be done without another tax hike. speaking to cbs news anchor scott pelley yesterday, the president said the u.s. can reduce its deficit by closing tax loopholes and making what he calls smart budget reductions. >> if you combine those things together, then we cannot only reduce our deficit, but we can continue to invest in things like education and research and development that are going to help us grow. >> well today the president travels to minneapolis where he'll push for proposals to gun control durs his visit. susan mcginnis is in washington. good morning. >> good morning. this will be the president's first trip outside washington to push his gun proposealsproposals. he's pushing for a big rally in support of this. in the meantime the senators are said to be preparing their own legislation very similar to the president's employee posal but conspicuously absent is the assault weapons ban. he takes his pitch for gun safety to minneapolis today. he wants congress to require
the deficit but americans do not support sacrificing real spending cuts for more tax hikes." >>> efforts by the white house to head off spending cuts come as a new government report predicts the budget deficit will drop below $1 trillion for the first time during obama's presidency. the congressional budget office which assumes that the cuts will go into effect march 1st says the government will run a deficit of $845 billion this year. that's compared to $1.1 trillion short fall. the outlook predicts the improvements will not last. it warns that an aging population will drive up retirement spending and rising interest rates will put the debt at unsustainable level it's current laws remain in place, debt by 2023 will equal 77% of gross domestic product. that is roughly double the 39% average seen over the past 40 years. >>> coming off the republicans' bruising defeat, eric cantor is looking to rebrand his party n a speech at a d.c. think tank, he moved away from his combative tone expressing a need to work on issues with president obama important to the nation. >> hour house majority will
. president obama is calling on lawmakers to work on a balanced approach to deal with the deficit. >> republicans are unwilling to touch revenue. they say let's deficit spend. democrats deficit spend. that is why the country does not trust washington. >> reporter: congress is still working to pass a budget that satisfies both the house and the senate. the president says, if lawmakers can agree to work together, the country's budget issues can be resolved. >> there is a way for us to solve these budget in a responsible way through a balanced approach that the vast majority of people agree with. if we do that, there is no reason why we can't have really strong growth in 2013. we can't have washington dysfunction getting in the way. >> reporter: on monday morning, the commerce department is expected to release factory orders for december. the measure indicates the health of the u.s. manufacturing sector. analysts expect an increase of 2.3%. in new york, mary ann rafferty, fox news. >>> good morning. it is 4:30 on this monday, february 4th. taking a live look over washington, d.c., a
about deficits, we are buying in to the right wing mantra somehow deficits are killing the economy. look at great britain and doing with their austerity plans and doesn't add up. i'm much more of the mind to be proactively looking at infrastructure investment like many of the business advisers told president obama should happen. people from commerce, from industry. i get it. that won't happen as long as house republicans are dead set against it. and what we're left with is unfortunately in my view a detente to put the discussion in the frame the republicans want. what about deficits? we have a jobs crisis in this country. not a deficit crisis. to me, the whole conversation has been pushed to the right further than it should be. >> and karen, on a last note, in anticipation of the president's speech, the white house released numbers on the people affected by the cuts. i believe around 600,000, between 600,000 and 800,000 suffering as a result of cuts to food stamps and other program that is people need to survive these days and at least some of the analysis out there, democrats feel that
with smarter spending reductions to bring down the deficit. we can do it in a gradual way so that there is less of an impact. these deductions that certain folks can take advantage of, the average person cannot. not everyone has access to cayman island accounts, the average person does not have access to carry interest income, where they wind up paying a much lower rate on the billions that they earned. we want to make sure that the whole system is fair and transparent and that we are reducing our deficit in a way that does not hamper growth and reduce the kinds of strategies that we need in order to make sure that we are creating a strong middle-class. host: jim from south carolina, on the republican line, good morning. caller: how are you? host: well, thank you. caller: you keep mentioning and hearing people talking about pensions, but pensions are just invested the same way that 401k is. stocks and bonds. people with pensions lost money as well. i heard cases where people were not going to get as much money. if someone is manages their 401k, i do not know, it needs to be managed properly and
've had enough. they think the spending cuts are the only way to achieve true deficit reduction. back to you. >> all right, melanie. thank you very much. >>> president obama's pick to head the cia. a justice department memo leaked yesterday outlined the justification for killing american citizens without a trial if they are working with al-qaida. learning about a secret u.s. drone base first reported by the new york times. did not object to water boarding al-qaida terrorists though now he opposes that technique. >> fbi is combing over -- investigators have revealed they found two explosive devices on the suspect's property. one was in the ventilation pipe authorities were using to communicate with that man. the other was inside the bunker. dykes was killed by swat agents as they engaged in a fire fight as they stormed the bunker and rescued the boy. >> the murder case heads back to court in dc. a judge will hold a hearing to decide if the media should have documents related to secret hearings. the meetings allegedly focused on an issue with trial witness. convicted of killing levy bac
? the deficit. this year it will be below a trillion dollars, that's what the pundits focused on and ignored the grim reality. in fact, our debt is headed toward the worst levels in post war america. worst, the economy will show a masly 1.4% growth. unemployment rise to 8%, stay at very high levels for years, and 7 million people will lose their health care coverage under obamacare. that came within hours of president obama's call for more tax increases on the rich and put off spending cuts. tax and spend, it lives on and so does our massive debt. reality check, "varney & company" is about to begin. [ shapiro ] at legalzoom, you can take care of virtually all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at legalzoom.com we put the law on your side. >> first up this wednesday morning, gas prices, yes, they are still on the rise. national average for regular up more than a penny, now at 3.54. just in the past month the price of gas spiked about 25 cents a gallon. the underlying price of oil right now we're down, $95 per barrel. while gas prices are
street journal," chief economic correspondent. welcome. you wrote a piece saying how the trust deficit is hurting the economy. what we're trying to do? >> guest: we usually talk about things but budget deficits and trade deficits with things we can measure. what i'm talking about is the breakdown of trust in american society. it would take her in institutions that make our economy go. when you look at measures of trust from surveys by gallup for the pew institute that americans have, it's a very important institution including the media newspaper, television, congress, banks, large corporations, public school, public union. if all been going down for many years and allowed them, declining interest intensified leading up to and going into the financial crisis and there's a lot of reasons for the things we can talk about. but what were chained to get out of the story is this matters economy but trust breaks down. a nobel prize-winning economist named kenneth arrow for 40 years ago set every commercial transaction hasn't been a bad element of trust when you trust your counterparty come ne
to reduce our deficit, what kind of tax plans we're going to have, how we are going to make sure that every child is getting a great education, the doctor, it is very encouraging to me that you turned out so well by your mom not letting you watch tv. i'm going to tell my daughters that. [laughter] in the midst of all these debates, we must keep that same humility that dr. king and lincoln them washington and all our great leaders understood is at the core of true leadership. in a democracy is as big and as diverse as ours, we will encounter every opinion. and our task as citizens, whether we are leaders in government or business, or spreading the word, to spend our days with open hearts and open minds, to seek out the truth that exists in an opposing view, and to find the common ground that allows for us as a nation, as a people, to take real and meaningful action. and we have to do that humbly, for no one can know the full and encompassing mind of god. and we have to do it everyday, not just at the prayer breakfast. i have to say, this is now our fifth prayer breakfast, and it is always ju
with a record debt and deficit, threat of global warming, threat of global poverty, of pandemics, of national security challenges like continuing war on terrorism, the instability of iran and north korea, rising powers, turmoil across the middle east, turmoil in north africa, the proliferation of weapons of mass destruction and the growing threat of cyberattacks. how we confront these problems, how we deal with these challenges will in many ways determine that future course of america. it will determine whether the united states will be a leader in the 21st century or whether we will be just another failed empire in history. to succeed we will depend on the resilience of our economy, the strength of our diplomatic and military institutions and above all, the effectiveness of our political system that underpins in many ways what we do as a country. and that brings me to what i see as perhaps the most urgent task facing this nation and facing all of us and that is overcoming the partisan dysfunction in congress that poses a threat to our quality of life, to our national security, to our economy
instead of really dealing with the banks and dealing with the regional deficit overhang, he just created a circle of loop of help. so the government has been giving money to the regions, the banks to the regions and the government to the banks. but there's no real solution. the problems we main in spain. >> well, this is interesting. so, actually, michael brown was just talking about europe being somewhat of a closed economy. what you're talking about here in spain is this closed loop between the money that is getting in and borrowing. explain a little bit about this crazy looking chart here, flow chart, we should say, and this point that what happens in spain is staying in spain. >> this is a simplified chart of what has been going on. all the rectangular things are off balance. fade is the fund for utility financing. they're funded by the government. rajoy on the 31st of december increased the limit of these funds. frob and the bad bank are funding the banking system, the weak banks, including bankia. and the ffpp is a fund where banks have lent 30 billion to the region. on top of this
to reduce a deficit, he said the answer will require sacrifice from everyone. >> well, i don't think the issue right now is raising rates. the question is if we're going to be serious about reducing our deficit, can we combine some smart spending cuts, because there is still some waste in government. can we reform our health care programs in particular, because we spend a lot more on health care than every other country does, and we don't get better outcomes. so there is a lot of waste in the system. and there are things that we can do to reduce health care costs. and can we close some loopholes and deductions that folks who are well connected and have a lot of accountants and can take advantage of, so they end up paying lower rate that's an bus driver or a cop. can we close some of those loop holes? if we combine those things together, then we cannot only reduce our deficit, but we can continue to invest in things like education and research and things that will help us grow. >> meantime, the president leaves washington tomorrow for minnesota to make his case for new gun restriction
, there are good points. for instance, deficits are decreasing. however, all i ever hear from republicans is the president needs to get serious. from speaker john boehner. that's the best impersonation i can give you. >> it's not bad. >> wasn't very good, nothing personal. >> but dana, is that it? >> well, that was a little raspy, your john boehner. but i think you've captured the sentiment, more or less correctly. and yes, the cbo report shows that the deficit is shrinking. but it is also showing the efforts to shrink the deficit have taken away from growth and the economy. you can't have one of these things without the other. now, i think there's a fallacy in the first question you posed to jared. that is that republicans would be very upset if there were a double-dip recession in a political sense as rush limbaugh and others have stated, they may be in a stronger position if the economy goes back into recession. then the president and his majority party will be less powerful. so they actually have a political incentive. >> hang on a second, dana. you're saying something that's troublin
and force the president to come up with a deficit reduction plan of his own. carl cameron is here with more. >> reporter: republicans today made a pair of pretty significant statements. first, the house g.o.p. majority passed a measure calling on the president to submit two to congress by april 1st a budget that balances in ten years. g.o.p. is increasingly frustrated by the i insistence that the solution to deficit spending is more taxation. >>> president doesn't believe we have a spending problem. he genuinely believes the government spending causes economic growth. if that were true, the economy today would be thriving. it isn't thriving. >> washington has to deal with its spending problem. i watched them kick the can down 22 years down the road. its time to act. >> had he tahoe roundly dismiss the suggestion to postpone tens of billions of dollars of automatic spending cuts in defense and other departments on march 1st. defense secretary renewed pretty dire warnings today. listen.... >> my greatest concern today is that we are putting our national security at risk by lurching from budge
, under the terms of some of those previous budget deals, congress must now find $58 billion in deficit reduction either by raising revenue or closing tax loopholes by march 1st. medicare would take a 2% reduction. the president prefers an option that raises more money by closing tax loop hoalsz. republicans want to stick with spending cuts saying they've already done the revenue part. a study estimated 448,000 jobs in d.c., maryland and virginia could be affected by automatic budget cuts. the sequestration cuts are unpopular with both parties and there are concerns about the economic impact. >> our economy right now is headed in the right direction and it will stay that way as long as there aren't any more self-inflicted wounds coming out of washington. >> the sooner we solve our spending problem, the sooner our jobs problem will go away as well. >> reporter: you may remember these cuts were originally scheduled to kick in on january 1st because congress could not agree on a broader package for deficit reduction back in 2011 and 2012 in exchange for republicans agreeing to raise the d
the economy is in a recession or if it it's sagging, then you need deficit spending to get it moving. republicans used to agree with that. even in 2007 and 2008, they were proposing different stimulus measures. they no longer agree with the idea that they get the economy moving in a rough time. so maybe you have to actually have some spending cuts go into effect and see the effect on the economy for them to recognize the fact that oh, yes, if we take this money out of the economy, the economy will go down. that's what happened last quarter. if you hit the pentagon and if you hit domestic spending there's no question that the economy will retreat. so maybe they actually have to see that happen and then there will be some type of political reckoning and a turnaround and we can talk rationally about how to get this economy going again and create jobs. >> of course the president insisted -- and he talked about this yesterday -- he thinks we have to stop lurching from crisis to crisis. >> we continue to have these self-inflicted crisis here in washington that suddenly leads everybody to t
's a good idea. but my whole philosophy is i don't think the deficit is our top issue. i think if you're really concerned about the deficit we should have gone over the fiscal cliff and cut the deficit that way. but if you aren't concerned about the deficit, if you think job growth is the most important thing and growth in general, then i don't think you should either cut taxes -- i don't think you should raise taxes or cut spending right now. i think you should focus just on stimulus. >> what they should do is slash across the board all these goofy departments, just really rip into them. and along with that pro-growth tax reform. especially pro-growth business tax reform. and then you'll have the kind of growth that keith is talking about that would actually solve the financial position. >> keith wants growth in general. i don't want growth in general. i want private sector growth. i don't want a bunch of phony government spending that's going to proup gdp numbers. i want private sector growth. if the president wants to make a deal where we get rid of some of these short-term spendin
of where we stand and where we're going. the 2013 deficit standing at $845 billion. last year it was $1.1 trillion. so obviously we're going in the right direction. but they do give a grim fast if there is a type of austerity measure that is in place while the economy remains very fragile. >> well, that's right. there are two things we have to work on at the same time. the most important thing is to make sure that we continue to see an economic recovery, that we do what we can to accelerate that recovery, put more people back to work. and the sequester would undercut that effort, because if you take that much money out of the economy very rapidly in this across-the-board way, it will result in lost jobs, which is why we proposed this alternative. now over the longer term, there's no doubt we have to reduce our deficit, but we have to do it in a smart and balanced way as the president has said, and that's why we have proposed a combination of cuts and we've already done $1.5 trillion in cuts as part of the budget control act and other action. we did some revenue as part of the most recen
adding 10 to 15 billion dollars onto debt to keep running up these deficits year after year. something has to change. what's the answer? do we raise -- hold on. do we raise the price of stamps or renegotiate your contracts? >> first off, you talk about the billion that -- the money you just talked about, how much of that is the prepayment which he we are funding prepaid military benefits for all other agencies. we're the only government agency required to do that since 2006. >> all right. >> as mandated by. paea. so without that, how much of that loss would have been actual loss? >> well, i don't know, but i know for the last three or four years there have been multiple billion dollar losses that the postal service has thrown over to the treasury which myself and most of our viewers out here, we're funding the treasury but the postal service is throwing losses onto us. >> the postal service has not taken any taxpayer money. >> absolutely incorrect, ma'am. where is the money coming from? tell me where the money came from. >> the postal service has no record of taking taxpayers' money. w
the deficit automatically picks up because there's slow revenue coming in and there's the need to spend on programs to help ease us through a slow period. it was wise policy, wise policy. >> bob, what do you think? >> well, i agree with laura that a better policy would be to put these cuts into entitlement reform and have them occur over time rather than immediately and abruptly, but it doesn't seem like the other side it s willing to engage in discussion of entitlement reform right now, so maybe we need to go ahead and do what we have to do and then keep the negotiations open. >> is that the issue then, laura? since we can't come to a deal when the republicans feel like they have leverage, they have got to do it when they can do it? >> i honestly don't think so. we have elections coming up in two years. i've heard republican members of the hill saying that this is what the public wants, the public wants a sequester. the public doesn't want a sequester. when the public realizes what a sequester means for jobs in their community, for education programs in their community, for the fact th
the deficit. all by honoring the wish of 2/3 of americans to respect states' rights for marijuana just like we do for alcohol. i would invite my colleagues to join this effort in developing a marijuana policy that makes sense for america today. the speaker pro tempore: the gentleman yields back. the chair recognizes the gentleman from north carolina, mr. coble, for five minutes. mr. coble: i thank the speaker. mr. speaker, january is the traditional month in which new year's resolutions are developed. i'm suggesting that president obama and mrs. boim adopt a resolution -- mrs. obama adopt a resolution. it appears to me, mr. speaker, regard air force one very casually and i believe on some occasions two planes, at least two planes go to the same destination. air force one, mr. speaker, belongs to president and mrs. obama. but air force one also belongs to the american taxpayer. and i would welcome a new year's resolution that would provide generous lace of all future air force one dispatches with prudence, discipline and last but certainly not least fiscal austerity. america's taxpayers will be
to lower the devers, but americans do not -- to lower the deficit, but americans do not support sacrificing real spenged cuts for more tax hikes. the president's sequester should be replaced with spending cuts and reforms that put us on a path to balance a budget over the next 10 years. the american people believe that the tax question has been settled. they know the president called for a balanced approach to the debt. combination of revenues and spending cuts, and they know he's gotten his revenue. the american people do not believe the president will use further tax revenues to lower the debt. and haven't seen this president attempt to spend his way into prosperity over the last four years, they know he'll spend it. the president doesn't believe we have a spending problem. he general winly believes the government -- genuinely believes the government spending causes economic growth. if that were true, the economy today would be thriving. it isn't thriving. the unemployment rate is still nearly 8% and rising. small businesses like the one i ran are struggling. middle class families, those
times" economist argued why the u.s. should spend now and worry about deficit reduction later. here it is. >> dashing spending when you still have depressed economy is really destructive. it's probably even counterproductive even in purely fiscal terms. we should be sustaining government spending until we have a stronger economic recovery. >> this is not a hard call. as long as we have 4 million people who have been unemployed for more than a year, this is not a time to be worrying about reducing the budget deficit. give me something that looks more like a normal employment situation and i'll become a deficit hawk but not now. >> do you subscribe to that, jared? or is that too extreme? >> not at all. i think paul's exactly right. paul and i share the following thing. we're deficit doves in a down economy, and deficit hawks in a strong economy. at a time like this, what you really need is faster growth. by the way, not only will that help put more people to work, but it will actually help reduce your budget deficit ironically because those people will be working, paying taxes, they w
the issue right now is raising rates. the question is if we are serious about reducing our deficit can we stop waste in govment, can we conform healthcare programs in particular. we spend a lot more on healthcare than every other country does and we don't get better outcome. there are things we can do to reduce healthcare costs. >> and can we post loophole deductions lawyers take advantage of so they paoloer rates than bus driver or cop? if you combine those together you cannot only reduce the deficit but continue to invest in things like education and research and development that are going to help us grow. >> just a few hours from now president obama will continue his push for gun control. the heated topic on sunday talk shows. kelly wright is life in washington can more. >> president obama will travel to minneapolis the city that is making steps to curb gun violence. he will talk about the issue that can be taken on the federal level to reduce gun violence. it shows deep de visions over what toe do about curbing the violence. a former navy man watched his wife traumatic giffords watch
of a man, but he actually tripled the deficit and debt and expanded the size of government to or proportions, the same as george bush and republicans always blamed democrats, even though clinton and obama both have lower the deficit if you look at the treasury's website for every fiscal year. every single republican from nixon to george bush as we expanded the deficit greatly. the congress didn't change. it is just the president, but it's always blamed on congress. whenever credit given, they want all the credit, none of the responsibility. republicans will say divisive things. zero, this birth certificate or you're not american enough for denver. >> guest: three things. as a general matter, members of those party blame the other party. president obama more than any in my lifetime has landed the republican party and generally been whining or can need more excuses than any president. he seemed as if he couldn't give a speech for a while without claiming everything, including athletes foot on george w. bush. that gets tiresome after a while. but the criteria is claiming the o
. the congressional budget office figures the deficit will come in at $845 billion this year, the first deficit under $1 trillion since 2008. that's projected to fall to $430 billion in 2015; that's about 2.4% of g.d.p. but the public debt is projected to hit 77% of the economy by 2023. >> countries that find themselves with very high debt to g.d.p. and then encounter economic problems or international circumstances to which they need to respond really find themselves in very bad and dangerous circumstances. >> reporter: so the budget trade-off remains: balancing near-term economic pain against long-term gain. darren gersh, "n.b.r.," washington. >> tom: a trio of companies relying on consumers had some mixed financial results late today but were greeted with mostly encouraging reactions with their stocks. we will have details from restaurants panera bread and chipotle mexican grill in a moment. but first, disney. while earnings per share were down from a year ago, they were better than estimates. tuna amobi covers disney for s&p capital i.q. take us through some of the details and really the mix of i
capal managent. >> tom: president obama is once again pushing for a big deal to reduce the deficit. in a preview of the themes he'll lay out in next week's state of the union address, the president told house democrats today he'd press for a big agenda covering everything from fairness, and jobs to deficits and debt. darren gersh has more. >> reporter: with just a few weeks to go before automatic across the board spending cuts kick in, the president told fellow democrats his state of the union address next week will call for a change in course. >> i am prepared, eager and anxious to do a big deal, a big package, that ends this governance by crisis where every two weeks, or every two months, or every six months, we are threatening this hard-won recovery. >> reporter: republicans may not applaud during that part of the speech. they've blasted the president for offering symbolic solutions like a tax on corporate airplanes that would raise enough money to cover one month week of the automatic spending cuts know collectively as the sequester. given the stand off, analysts now predict th
unless somebody take some serious action. an accumulated seven runs and $45 million budget deficit within the next 10 years -- and accumulated $745 million. the reserve fund would be empty in three years. the mayor lays out her financial reform package to the city council. >> a late-night shooting sends one man to the hospital. one man is sent to the hospital. the victim was shot in the arm. no word as to a suspect or a possible motive. there was a triple stabbing downtown that left one person dead. sarah sampson has more. >> it happened at the intersection of howard and fayette streets. it is not clear if the people involved attended the parade. city police say a fight broke out at 1:30 in the afternoon. one man was stabbed to death, two others were wounded. a group of boys were involved in a fight. police are confident crime camera footage will lead to an arrest. >> downtown baltimore is one of the safest parts of the city. we work hard at it. we make sure people feel safe. we are going to find out who did this on a day that baltimore was going to celebrate. we owe it to the family and
down spending. >> i think the mixed picture is as follows. yes, i think more deficit reduction is occurring than most people realize. if the sequester actually occurs or cuts equivalent to the size of the sequester occur, $1.2 trillion over two years, you will have had $3 trillion of deficit reduction done or in the pipelines, and simpson bowles two years ago called for 4.5%. you will have done two thirds of what they said. although if they were sitting here today they would probably call for a higher number. however, it's not being done in the right way. on a balanced way and adequately balanced between revenues and spending and the key to spending restraint over the very long term, entitlement reform is not as mcginnis said, part of the picture. >> alan, your book. let's talk about that for a moment. you argued the t.a.r.p. and the stimulus did their jobs. why and what did we learn from the crisis? >> well, why? we had a very sick financial system, especially a sick banking system. that had to be the first order of priority, even though it was bound to be incredibly unpopular
and uninsured health costs. the shortfall the average savings deficit for a single female is little over $133,000. that's the additional amount a single female would on average need to save by age 65 to eliminate the shortfall. the recent economic crisis has made it even more difficult. the low contribution rates and the lack of understanding of the need for the comprehensive retirement strategy means inadequate income for the rest of your life. these issues are compounded in addition to living longer older women are likely to have costly chronic medical conditions and need longer-term institutional care. further women are likely to be single at some point in their lives which puts them at a high risk for poverty and it is an irony of the latest stage of life many women become poor for the first time in their life. today the rate of harmony for women 65 and over is close to 11%. in my testimony i have a lot more numbers but what i would like to point out is of those numbers once you get to single women almost a third and for the hispanic women it is 44% which is just the enormous. another twi
a trillion dollar deficit. dagen: don't you think that the democrats will continue to fall back on raising taxes even more than they already have? it is nothing compared to the $7 trillion in additional debt. >> this is not a solution to our problems. i think they have used this to great political advantage. that is indisputable. that is not a solution as to where the budget has to go. what will the senate democrats put in their budget? what will it look like? they will not be able to raise taxes and solve the problem. the taxes will not work. they do not want to reform entitlements. dagen: there is a growing chorus among many people in this country that our debt is not that much of a problem because we have had these low, low, almost record low interest rates at this point. ultimately, if the fed decides we are worried about inflation and begins to withdraw some of this money out of the system, will that be the day of reckoning? >> that will be a very bad day if it happens. you are hearing democrats say we have made a lot of progress, we just need to do a little bit more. connell: do you
in washington. lori: you look at our ballooning national debt in the battle over the current deficit. what is the best outcome? >> that would be for the federal government to reduce spending. that is just all there is to it. lori: where exactly? i have to interrupt you, we are not getting enough detail as to where those tough cuts should come. >> i think they should come from everything. we definitely have to have some entitlement reform. you are seeing an explosion in expenditures in all areas of government. it will have to be trimmed back. one of the things we will be doing is finding those areas in our respective jurisdictions. lori: how do you think about the meat cleaver, if you will, regarding the cuts? >> well, it will happen unless the president wants to come to talk to us about meaningful cuts. the house has passed two bills now. this president is basically says no and does not want to talk to us. he needs to come talk to us. otherwise, it will happen and it will be very tough on a lot of different areas. lori: one silver lining in this national small business association, or econ
, he talked about the economy. when it comes to tackling the nation's deficit, president obama said sunday in an interview with cbs news there needs to be revenue involved. and it sounds like he might be interested in going after people like mitt romney. >> there is no doubt we need additional revenue coupled with smart spending reductions in order to bring down our deficit. and we can do it in a gradual way so that it doesn't have a huge impact. and as i said, when you look at some of these deductions that certain folks are able to take advantage of, the average person can't take advantage of them. the average person doesn't have access to cayman island accounts. the average person doesn't have access to carried interest income where they end up paying a much lower rate on billions of dollars that they've earned. so we just want to make sure that the whole system is fair. >> all right. steve, help me out here. i think the democrats are holding a losing hand if they come back and ask for more taxes. they talk about raising tax rates on anybody. but if we're talking about closing loo
gdp calculation rises, government versus consumption plus investment and minus your trade deficit, right? so if it's not going to consumption and it's going into the pockets of the top 1% or whatever, why aren't we seeing that reflected in investment? in fact, we saw very good business and investment numbers in the latest economic data. where are those dollars disappearing to? >> people invest when there's no return. >> excess capacity, you're not going to build more excess capacity just because the fed has low interest rates. i mean, if you look at investment overall, before the crisis, about 40% of all investment was in real estate. now, that is going to be damp dampened just because we built too many houses. >> and we had a bust, right? >> and we had a bust. the good news was a lot of them were showedly built and they'll fall apart and we'll have to reconstruct them. >> thank heavens. >> but the fact is, we overbuilt. the other part is actually not doing badly, given how weak demand is. it's not a lack of money. it's not the weaknesses in our financial system. that was one of t
like the deficit in the ryan budget was we will save unbelievable amounts of money by turning medicaid over to the states and somehow they will figure it out. >> that's more information than other people are putting out. >> talk about missing deadlines, now this is a really low bar. >> what is the democratic plan in the senate, let's say, or in the white house, to save medicar medicare? >> medicare actually - actually -- interesting you focus on that. medicare has been a pretty good story the past few years. my view is double down on things happening. medicare grew only by 3% last fiscal year, unbelievable low by standards. >> will you take that gamble >> for the next five years, i will take a 50/50 bet medicare will continue to grow at much slower rates than historically. >> down to 2 1/2, 3% the next couple years. >> that will tick up a little bit as the economy picks back up but i don't think we'll see the 10% growth rate. >> so you don't think medicare is a problem? >> it is a problem but this is one area better than official projections. >> what about medicaid. >> medicaid. big pr
're brewed by starbucks. coming up next, how can washington solve the deficit and spur growth? "new york times" washington bureau chief david leonhard may have the answers, and he joins us live next. this happy couple used capital one venture miles for their "destination wedding." double miles you can "actually" use. but with those single mile travel cards... [ bridesmaid ] blacked out... but i'm a bridesmaid. oh! "x" marks the spot she'll never sit. but i bought a dress! a toast... ...to the capital one venture card. fly any airline, any flight, anytime. double miles you can actually use. what a coincidence? what's in your wallet? [ all screaming ] watch the elbows ladies. a talking car. but i'll tell you what impresses me. a talking train. this ge locomotive can tell you exactly where it is, what it's carrying, while using less fuel. delivering whatever the world needs, when it needs it. ♪ after all, what's the point of talking if you don't have something important to say? ♪ if you don't have something important to say? [ female announcer ] some people like to pretend a flood could
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